Indian Taxation

Clarification on Filing of GST Annual Return (GSTR -9) issued by GST Council

2019-06-03T21:48:00.000-07:00

Source : GST Council Tweet..

Download New Income Tax Return Forms for the F.Y.2018-2019 A.Y.2019-2020 in PDF

2019-05-24T00:56:00.000-07:00

Download NEW ITR FORMS F.Y.2018-19 (A.Y.2019-20) in PDF

S.No.	Return Form	Applicable to	Download
1.	ITR-1 (SAHAJ)	For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs.5 thousand.[Not for an individual who is either Director in a company or has invested in unlisted equity shares]	ITR-1 Instructions Acknowledgement
2.	ITR-2	For Individuals and HUFs not having Income from profit and gains of Business or Profession	ITR-2 Instructions Acknowledgement
3.	ITR-3	For Individuals and HUFs having Income from profit and gains of Business or Profession	ITR-3 Instructions Acknowledgement
4.	ITR-4 SUGAM	For Individuals, HUFs and Firms (other than LLP) being resident having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE [Not for an individual who is either Director in a company or has invested in unlisted equity shares]	ITR-4 Instructions Acknowledgement
5.	ITR-5	For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7	ITR-5 Instructions Acknowledgement
6.	ITR-6	For Companies other than companies claiming exemption under section 11	ITR-6 Instructions Acknowledgement
7.	ITR-7	For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only	ITR-7 Instructions Acknowledgement

Download New Income Tax Return Forms for the F.Y.2015-2016 A.Y.2016-2017 in PDF

2016-05-11T22:12:00.000-07:00

S.No.	Return Form	Applicable to	Download
1.	ITR-1 (SAHAJ)	For Individuals having Income from Salaries, One house property, Other sources (Interest etc.)	ITR-1 Instructions Acknowledgement
2.	ITR-2	For Individuals and HUFs not having Income from Business or Profession	ITR-2 Instructions Acknowledgement
3.	ITR-2A	For Individuals and HUFs not having Income from Business or Profession and Capital Gains and who do not hold foreign assets	ITR-2A Instructions Acknowledgement
4.	ITR-3	For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship	ITR-3 Instructions Acknowledgement
5.	ITR-4	For individuals and HUFs having income from a proprietary business or profession	ITR-4 Instructions Acknowledgement
6.	ITR-4S (SUGAM)	Presumptive business income tax return	ITR-4S Instructions Acknowledgement
7.	ITR-5	For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7	ITR-5 Instructions Acknowledgement
8.	ITR-6	For Companies other than companies claiming exemption under section 11	ITR-6 Instructions Acknowledgement
9.	ITR-7	For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)	ITR-7 Instructions Acknowledgement

Recent Amendments in Income Tax in Finance Act, 2015

2015-11-01T23:01:00.001-08:00

Amendments in Income tax 2015 from bharataggarwal21

New Income Tax Return Forms for the F.Y.2013-2014 A.Y.2014-2015

2014-04-03T04:46:00.000-07:00

S.No.	Return Form	Applicable to	Download
1.	ITR-1 (SAHAJ)	For Individuals having Income from Salary/Pension or Income from One House Property (excluding cases where loss is brought forward from previous year) or Income from Other sources (excluding winning from lottery and Income from race horses)	ITR-1 Acknowledgement
2.	ITR-2	For Individuals and HUFs not having Income from Business or Profession	ITR-2 Acknowledgement
3.	ITR-4S (SUGAM)	For Individuals and HUFs whose Income includes Business Income computed in accordance with the provisions of Section 44AD or 44AE (Presumptive Business Income)	ITR-4S Acknowledgement

Service Tax on Works Contract - PPT Presentation

2014-03-11T07:08:00.001-07:00

Service tax on works contract from bharataggarwal21

CBDT CIRCULAR NO. 1/2014 [DATED 13-1-2014] (No TDS on Service Tax Component if Shown seperately)

2014-01-16T20:38:00.001-08:00

Subject: TDS under Chapter XVII-B of the Income-tax Act, 1961 on service tax component comprised in the payments made to residents - clarification regarding

The Board had issued a Circular No.4/2008 dated 28-04-2008 wherein it was clarified that tax is to be deducted at source under section 194-I of the Income-tax Act, 1961 (hereafter referred to as 'the Act'), on the amount of rent paid/payable without including the service tax component. Representations/letters has been received seeking clarification whether such principle can be extended to other provisions of the Act also.

Attention of CBDT has also been drawn to the judgement of the Hon'ble Rajasthan High Court dated 1-7-2013, in the case of CIT (TDS) Jaipur v. Rajasthan Urban Infrastructure (Income-tax Appeal No.235, 222, 238 and 239/2011), holding that if as per the terms of the agreement between the payer and the payee, the amount of service tax is to be paid separately and was not included in the fees for professional services or technical services, no TDS is required to be made on the service tax component u/s 194J of the Act.

The matter has been examined afresh. In exercise of the powers conferred under section 119 of the Act, the Board has decided that wherever in terms of the agreement/contract between the payer and the payee, the service tax component comprised in the amount payable to a resident is indicated separately, tax shall be deducted at source under Chapter XVII-B of the Act on the amount paid/payable without including such service tax component.

This circular may be brought to the notice of all officer for compliance

F.NO.275/59/2012-IT(B)]

Source : Internet

Service Tax - Circular No.175 /01 /2014 – ST (F.No.354/237/2013-TRU) Dated : 10th January 2014

2014-01-13T20:58:00.001-08:00

Levy of service tax on services provided by a Resident Welfare Association (RWA) to its own members

Service tax on ‘club or association service’ which covers Resident Welfare Association (RWA) was introduced with effect from 16.06.2005, vide section 65(105)(zzze) read with section 65(25a)[(25a) was later renumbered as (25aa)]. Under the positive list approach which was followed prior to 1^st July 2012, exemption was available under notification No. 8/2007-ST dated 01.03.2007, if the total consideration received from an individual member by the RWA for the services does not exceed three thousand rupees per month. This notification was rescinded vide notification No. 34/2012-ST dated 20^th June 2012, with effect from 1^st July, 2012.

2. Under the negative list approach, with effect from 1^st July, 2012, notification No.25/2012-ST [sl.no.28 (c)] provides for exemption to service by a RWA to its own members by way of reimbursement of charges or share of contribution up to five thousand rupees per month per member for sourcing of goods or services from a third person for the common use of its members.

Certain doubts have been raised regarding the scope of the present exemption extended to RWAs under the negative list approach. These doubts have been examined and clarifications are given below:

Sl. No.	Doubt	Clarification
1.	(i) In a residential complex, monthly contribution collected from members is used by the RWA for the purpose of making payments to the third parties, in respect of commonly used services or goods [Example: for providing security service for the residential complex, maintenance or upkeep of common area and common facilities like lift, water sump, health and fitness centre, swimming pool, payment of electricity Bill for the common area and lift, etc.]. Is service tax leviable? (ii) If the contribution of a member/s of a RWA exceeds five thousand rupees per month, how should the service tax liability be calculated?	Exemption at Sl. No. 28 (c) in notification No. 25/2012-ST is provided specifically with reference to service provided by an unincorporated body or a non–profit entity registered under any law for the time being in force such as RWAs, to its own members. However, a monetary ceiling has been prescribed for this exemption, calculated in the form of five thousand rupees per month per member contribution to the RWA, for sourcing of goods or services from third person for the common use of its members. If per month per member contribution of any or some members of a RWA exceeds five thousand rupees, the entire contribution of such members whose per month contribution exceeds five thousand rupees would be ineligible for the exemption under the said notification. Service tax would then be leviable on the aggregate amount of monthly contribution of such members.
2.	(i) Is threshold exemption under notification No. 33/2012-ST available to RWA? (ii) Does ‘aggregate value’ for the pusrpose of threshold exemption, include the value of exempt service?	Threshold exemption available under notification No. 33/2012-ST is applicable to a RWA, subject to conditions prescribed in the notification. Under this notification, taxable services of aggregate value not exceeding ten lakh rupees in any financial year is exempted from service tax. As per the definition of ‘aggregate value’ provided in Explanation B of the notification, aggregate value does not include the value of services which are exempt from service tax.
3.	If a RWA provides certain services such as payment of electricity or water bill issued by third person, in the name of its members, acting as a ‘pure agent’ of its members, is exclusion from value of taxable service available for the purposes of exemptions provided in Notification 33/2012-ST or 25/2012-ST ?	In Rule 5(2) of the Service Tax (Determination of Value) Rules, 2006, it is provided that expenditure or costs incurred by a service provider as a pure agent of the recipient of service shall be excluded from the value of taxable service, subject to the conditions specified in the Rule. For illustration, where the payment for an electricity bill raised by an electricity transmission or distribution utility in the name of the owner of an apartment in respect of electricity consumed thereon, is collected and paid by the RWA to the utility, without charging any commission or a consideration by any other name, the RWA is acting as a pure agent and hence exclusion from the value of taxable service would be available. However, in the case of electricity bills issued in the name of RWA, in respect of electricity consumed for common use of lifts, motor pumps for water supply, lights in common area, etc., since there is no agent involved in these transactions, the exclusion from the value of taxable service would not be available.
4.	Is CENVAT credit available to RWA for payment of service tax?	RWA may avail cenvat credit and use the same for payment of service tax, in accordance with the Cenvat Credit Rules.

3. Trade Notice/ Public Notice to be issued. Hindi version to follow.

[Raj Kumar Digvijay]
Under Secretary to the Government of India

Source : Internet

TDS ON PURCHASE OF IMMOVABLE PROPERTY

2013-08-04T07:26:00.000-07:00

SECTION 194-IA

TDS ON PURCHASE OF IMMOVABLE PROPERTY

Click on the Image for Better View

Points to Remember

1. Stamp Duty Value is of no importance for applicability of Section 194-IA. The provisions of Section 194-IA are applicable only if the consideration paid or payable is equal to or more than Rs.50 Lacs.

2. TDS provisions are applicable even if the agreement or transfer took place before 01.06.2013 and the payment is made on or after 01.06.2013. If some part payment is made before 01.06.2013 then the payments made on or after 01.06.2013 will be subject to TDS.

3. Immovable Property means any land or building or part of the building. Such property made be situated in India or outside India.

4. The Threshold limit of Rs.50 Lacs is applicable to each and every property separately.

5. In case of more than one buyer and the share of each buyer is less than Rs.50 Lacs and the aggregate value of property is not less than Rs.50 Lacs then TDS provisions will be applicable and each buyer will deposit the TDS according to his share in the property.

6. In case of more than one seller, if the respective shares of each seller is less than Rs.50 Lacs and the aggregate value of property is not less than Rs.50 Lacs then TDS provisions will be applicable and TDS of each seller will be deposited according to his share in the property.

HOW TO PAY TDS ON IMMOVABLE PROPERTY

Steps for Payment of Tax

1. Login to www.tin-nsdl.com website

or

            Click on the following link

            https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp

2. Then Select Form 26QB - Payment of TDS on Sale of Property.

3. Then Select the Financial Year

4. Provide the following details :

·     PAN of Buyer and Seller

· Complete Address of Transferee (Buyer) and Transferor (Seller)

· Complete address of Property Transferred, Date of Agreement or Booking

·      Total Value of Consideration (Property Value)

·      Amount Paid / Credited

·      TDS rate and TDS amount

5. Then Select the Mode of Payment of Tax

·      Through Net Banking or

·      Manual payment in bank through Challan

6. Then provide the

·      Date of Payment / Date of Credit   and

·      Date of Tax Deduction

7. Type the Captcha Code (Characters) in the box given and click on the Proceed button

8. A Confirmation page is displayed to verify the details entered.

9. If all the above detail including the name displayed (as per ITD) is correct then, click on “SUBMIT” button.

10. In case you have made a mistake in data entry, click on “EDIT” to correct the same.

11. On confirmation, nine digit alpha numeric Acknowledgment number would be generated

12. To do the required TDS payment, please click on ‘Submit to the Bank’ button

13. On clicking on Submit to the Bank, deductor will have to login to the net-banking site with the   user ID/ password provided by the bank for net-banking purpose.

14. On successful login, enter payment details at the bank site.

15. On successful payment a challan counterfoil will be displayed containing CIN, payment details and bank name through which e-payment has been made.

16. This counterfoil is proof of payment of Tax.

DOWNLOAD INCOME TAX EXCEL UTILITY F.Y. 2012-13 A.Y. 2013-14

2013-05-31T09:17:00.000-07:00

GENERATE XML FILE DIRECTLY FROM EXCEL

S.No.	Return Form	Applicable to	Download Excel Utility
1.	ITR-1 (SAHAJ)	For Individuals having Income from Salary/Pension or Income from One House Property (excluding cases where loss is brought forward from previous year) or Income from Other sources (excluding winning from lottery and Income from race horses)	ITR-1
2.	ITR-2	For Individuals and HUFs not having Income from Business or Profession	ITR-2
3.	ITR-3	For Individuals/HUFs being Partners in firms and not carrying out business or profession under any proprietorship	ITR-3
4.	ITR-4	For Individuals and HUFs having Income from a proprietory business or profession	ITR-4
5.	ITR-4S (SUGAM)	For Individuals and HUFs whose Income includes Business Income computed in accordance with the provisions of Section 44AD or 44AE (Presumptive Business Income)	ITR-4S
6.	ITR-5	For Firrms, AOPs and BOIs	ITR-5

New Income Tax Return Forms for the F.Y.2012-2013 A.Y.2013-2014

2013-05-18T19:42:00.000-07:00

S.No.	Return Form	Applicable to	Download
1.	ITR-1 (SAHAJ)	For Individuals having Income from Salary/Pension or Income from One House Property (excluding cases where loss is brought forward from previous year) or Income from Other sources (excluding winning from lottery and Income from race horses)	ITR-1 Instructions Acknowledgement
2.	ITR-2	For Individuals and HUFs not having Income from Business or Profession	ITR-2 Instructions Acknowledgement
3.	ITR-3	For Individuals/HUFs being Partners in firms and not carrying out business or profession under any proprietorship	ITR-3 Instructions Acknowledgement
4.	ITR-4	For Individuals and HUFs having Income from a proprietory business or profession	ITR-4 Instructions Acknowledgement
5.	ITR-4S (SUGAM)	For Individuals and HUFs whose Income includes Business Income computed in accordance with the provisions of Section 44AD or 44AE (Presumptive Business Income)	ITR-4S Instructions Acknowledgement

CBDT INSTRUCTION - PROCESSING OF RETURNS FOR THE A.Y. 2011-12

2012-02-06T22:14:00.000-08:00

CBDT Instruction No. 01/2012 [F.NO.225/34/2011-ITA.II], dated 2-2-2012

Due to the TDS verification problem (i.e, mismatch of TDS claim with 26 AS) CBDT has issued following directions for easier processing of returns for the A.Y. 2011-12

i) In all returns (ITR-1 to ITR-6), where the difference between the TDS claim and matching TDS amount reported in 26-AS data does not exceed Rs. One Lac, the TDS claim may be accepted without verification.

ii) Where there is zero TDS matching, TDS credit shall be allowed only after due verification. However, in case of returns of ITR-1 and ITR-2, credit may be allowed in full, even if there is zero matching, if the total TDS claimed is Rs. Five thousand or lower.

iii) Where there are TDS claims with invalid TAN, TDS credit for such claims are not to be allowed.

iv) In all other cases, TDS credit shall be allowed after due verification.

Source : Internet

TDS RATE CHART as on 01.04.2011

2011-06-28T05:51:00.000-07:00

Click on the Image for better View

New Section 44AD – Presumptive Income Scheme

2011-06-21T05:45:00.000-07:00

Section 44AD has been modified w.e.f A.Y.2011-12 and a brief descriptive chart of the new provisions of the section is as under

Click on image for Clear View

New Income Tax Return Forms for the F.Y.2010-2011 A.Y.2011-2012

2011-06-16T00:11:00.000-07:00

New Income Tax Return Forms for the F.Y.2010-2011 A.Y.2011-2012

S.No.	Return Form	Applicable to	Download
1.	ITR-1 (SAHAJ)	For Individuals having Income from Salary/Pension or Income from One House Property (excluding cases where loss is brought forward from previous year) or Income from Other sources (excluding winning from lottery and Income from race horses)	ITR-1 Instructions Acknowledgement
2.	ITR-2	For Individuals and HUFs not having Income from Business or Profession	ITR-2 Instructions Acknowledgement
3.	ITR-3	For Individuals/HUFs being Partners in firms and not carrying out business or profession under any proprietorship	ITR-3 Instructions Acknowledgement
4.	ITR-4	For Individuals and HUFs having Income from a proprietory business or profession	ITR-4 Instructions Acknowledgement
5.	ITR-4S (SUGAM)	For Individuals and HUFs whose Income includes Business Income computed in accordance with the provisions of Section 44AD or 44AE (Presumptive Business Income)	ITR-4S Instructions Acknowledgement
6.	ITR-5	For Firrms, AOPs and BOIs	ITR-5 Instructions Acknowledgement
7.	ITR-6	For Companies other than companies claiming exemption under section 11	ITR-6 Instructions Acknowledgement
8.	ITR-7	For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)	ITR-7 Instructions Acknowledgement

Income Tax Rates for the A.Y.2012-13

2011-06-15T04:40:00.000-07:00

From April 1, 2011 new tax slabs apply, which are as follows:

F.Y.2011-12 (A.Y.2012-13)

a) Individuals, HUF’s, AOPs, BOIs

For Resident Women (Age limit = below 60 years)
Up to Rs 1,90,000	NIL
Rs 1,90,001 to Rs 5,00,000	10 per cent
Rs 5,00,001 to Rs 8,00,000	20 per cent
Rs 8,00,000 and above	30 per cent

For Resident Senior Citizens (Age limit = 60 years or more at any time during the year but not more than 80 years on the last day of the year)
Up to Rs 2,50,000	NIL
Rs 2,50,001 to Rs 5,00,000	10 per cent
Rs 5,00,001 to Rs 8,00,000	20 per cent
Rs 8,00,000 and above	30 per cent

For Resident Super Senior Citizens (Age Limit = 80 years or more at any time during the year)
Up to Rs 5,00,000	NIL
Rs 5,00,001 to Rs 8,00,000	20 per cent
Rs 8,00,000 and above	30 per cent

For any other individual, every HUF /AOP / BOI artificial juridical person
Up to Rs 1,80,000	NIL
Rs 1,80,001 to Rs 5,00,000	10 per cent
Rs 5,00,001 to Rs 8,00,000	20 per cent
Rs 8,00,001 and above	30 per cent

b) Partnership Firms

Income Tax Rate = 30 %

Education Cess @ 3%

c) Corporate Income Tax

1. For Domestic companies

Income Tax Rate = 30 %

Surcharge @ 5% (If gross turnover of company exceeds Rs. 1 Crore)

Education Cess @ 3%

2. For Foreign Companies

Income Tax Rate = 40 %

Surcharge @ 2% (If gross turnover of company exceeds Rs. 1 Crore)

Education Cess @ 3%

d) Co-operative Societies

The Following rates are applicable to a co-operative society

Net Income Range	Rate of Income Tax
Up to Rs 10,000	10 per cent
Rs 10,000 to Rs 20,000	20 per cent
Rs 20,000 and above	30 per cent

Education cess @ 3% on total tax is also payable.

e) Local Authorities

For Local authorities, Income is taxed at a flat rate of 30%. An education cess of 3% is payable on the tax, yielding effective tax rate of 30.90%.

Procedure for Regulating Refund of Excess Amount Of TDS Deducted and/Or Paid

2011-06-03T22:45:00.000-07:00

Section 200A of the Income-tax Act, 1961 - Deduction of tax at source - Processing of statement of tax deducted at source - Procedure for regulating refund of excess amount of TDS deducted and/or paid

CIRCULAR NO. 2/2011 [F.NO. 385/25/2010-IT(B)], DATED 27-4-2011]

The procedure for regulating refund of amount paid by the deductor in excess of the tax deducted at source (TDS) and/or deductible is governed by Board circular No. 285, dated 21-10-1980.

2. Subsequent to issue of circular No. 285, new sections have been inserted under Chapter XVII-B of the Income-tax Act, 1961. References have been received by the Board regarding inclusion of these sections also for the purpose of issue of refund of excess amount of the TDS deducted/deductible.

3. In consideration of the above and in supersession of the circular No. 285, dated 21-10-1980, the Board prescribes the following procedure for regulating refund of amount paid in excess of tax deducted and/or deductible in respect of TDS on residents covered under sections 192 to 194LA of the Income-tax Act, 1961. This circular will not be applicable to TDS on non-residents falling under sections 192, 194E and 195 which are covered by circular No. 7/2007 issued by the Board.

4. The excess payment to be refunded would be the difference between:

(i) the actual payment made by the deductor to the credit of the Central Government; and

(ii) the tax deductible at source.

4.1 In case such excess payment is discovered by the deductor during the financial year concerned, the present system permits credit of the excess payment in the quarterly statement of TDS of the next quarter during the financial year.

4.2 In case, the detection of such excess amount is made beyond the financial year concerned, such claim can be made to the Assessing Officer (TDS) concerned. However no claim of refund can be made after two years from the end of financial year in which tax was deductible at source.

5. However, to avoid double claim of TDS by the deductor as well as by the deductee, the following safeguards must be exercised by the Assessing Officer concerned:

5.1 The applicant deductor shall establish before the Assessing Officer that:

(i) it is a case of genuine error and that the error had occurred inadvertently;

(ii) that the TDS certificate for the refund amount requested has not been issued to the deductee(s); and

(iii) that the credit for the excess amount has not been claimed by the deductee(s) in the return of income or the deductee(s) undertakes not to claim such credit.

5.2 Prior administrative approval of the Additional Commissioner or the Commissioner (TDS) concerned shall be obtained, depending upon the quantum of refund claimed in excess of Rupees One Lakh and Rupees Ten Lakh respectively.

5.3 After meeting any existing tax liability of the deductor, the balance amount may be refunded to the deductor.

6. In view of provisions of section 200A of the Income-tax Act prescribing processing of statement of TDS and issue of refund with effect from 1-4-2010, this circular will be applicable for claim of refunds for the period upto 31-3-2010.

Source : www.incometaxindia.gov.in

MAT (Minimum Alternate Tax) on LLP w.e.f. A.Y. 2012-13

2011-05-23T04:36:00.000-07:00

From the A.Y.2012-13, MAT is applicable on Limited Liability Partnership Firm.

Steps for Calculating Tax liability of LLP

Calculate regular income tax of LLP

Calculate Adjusted Profits

Particulars		Amount (Rs.)
Total Income of LLP		xxx
Add Back
(i) Deduction claimed U/s 80 H to 80 RRB		xxx
(ii) Deduction claimed U/s 10AA		xxx
Adjusted Profits		xxx

Calculate MAT on Adjusted total Income @ 19.055% (18.5% + Ed.Cess @ 2% + SHE Cess @ 1%)

If the Tax as per MAT is less than regular tax then the Tax payable by LLP will be regular Tax and if the Tax as per MAT is greater than regular tax then the Tax payable by LLP will be the amount of tax as per MAT.

The excess amount of MAT over regular tax can be claimed as MAT credit in subsequent years

MAT Credit = Tax as per MAT – Regular Tax